Middle East

The U.S. must intervene more aggressively to stop a Syrian offensive which has gained key territory from Kurdish militants in the past few days, according to the leader of 'the main kurdish forces. Officials and security sources reported that government troops launched an offensive Saturday in territory controlled by semi-autonomous Kurdish authority for the past decade. They captured towns on both side of the Euphrates as well as the largest oilfield as well as a gas field. Sipan Hamo, commander of the People's Protection Units(YPG), said that a meeting held on Saturday between U.S. envoy Tom Barrack (and Kurdish officials)...

Trade data revealed that India's Russian imports in December fell to the lowest level since?two? years, as Western sanctions pushed refining companies to look for alternatives. This boosted OPEC?s?share?of imports?to an 11-month peak. The lower imports of Russian crude oil at a discounted price will likely hit the profits of refiners and consumers in the third largest oil consuming and importing nation in the world and force them to look for suppliers in the Middle East and the U.S. The data shows that tighter U.S. sanctions and European Union sanctions have slowed Russian oil exports to India. Imports dropped by...

The market is apprehensive about the possibility of Iranian supply disruptions after deadly unrest in this major Middle Eastern producer. Brent futures traded 9 cents lower or 0.14% at $65.38 per barrel at 0207 GMT. U.S. West Texas Intermediate Crude was down 12 Cents, or 0.2%, at $61.03 per barrel. Brent futures ended 2.5% higher Tuesday, while WTI rose 2.8%. Prices for both contracts have risen 9.2% in the last four trading sessions due to the?increasing protests against the fourth largest OPEC producer. U.S. president Donald Trump on Monday urged Iranians to continue protesting, and that help would soon be...

The chief executive of TotalEnergies, a French oil company, said that the company would consider returning to Venezuela. However, it is not a top priority. "People want a quick return to Venezuela, but it's going to take some time to get a clear investment framework in place. TotalEnergies left Venezuela in 2021. Pouyanne pointed to 'the high capital investment needed to produce and transport Venezuelan heavy crude oil, and to manage greenhouse gas emissions. Pouyanne stated that adding 100,000 barrels a day would require an additional $100 billion. The CEO stated, "We will look at it, we'll be sure to...

The oil price rose on Tuesday, as concerns about Iran and possible supply disruptions overshadowed the?prospects of an increased crude supply coming from Venezuela. Brent futures were up 22 cents or 0.3% to $64.09 per barrel at 0430 GMT. They are hovering around the two-month high reached in the previous session. U.S. West Texas Intermediate Crude climbed 23 cents or 0.4% to $59.73. The ING commodities analysts said that the price rise coincides with the intensifying protests against the Iranian regime, which raises the possibility of a U.S. intervention. Iran, one of the largest producers of the Organization of the...

The Southern Transitional Council (Yemen's largest separatist group), denied on Saturday that it was disbanding. This contradicted a statement made by one of its members who claimed the group had dissolved itself. The conflicting statements show a split within the STC. This group, supported by the United Arab Emirates, took over parts of the southern and eastern Yemen last December, in an advance that increased tensions between Saudi Arabia and another Gulf power. Saudi Arabia and UAE used to?work together in a coalition battling Iran's backed Houthis during Yemen's civil conflict, but the STC?advances revealed their rivalry. Saudi-backed fighters largely...

Portuguese energy company Galp is in talks with private equity-backed Moeve to merge their refining and?chemicals businesses as well as fuel retail businesses. They announced the deal on Thursday. According to their non-binding contract,?Galp, Spain's Moeve and the United Arab Emirates state-owned investment firm Mubadala, as well as U.S. investment firm Carlyle Group plan to form two new companies. One would run 3,500 retail fuel stations, primarily in Spain and Portugal. It would sell more than 6 million metric tonnes of refined products per year. The other would run Moeve’s Huelva, Algeciras and Galp’s Sines oil refineries. Three facilities with...

Lebanese Army said that they had achieved their goal of a monopoly on arms in the south. They said this was done in an "effective" and tangible manner. However, there is still more work to do to remove unexploded ordnances and tunnels from the area. The army set a deadline of year's end to remove?non state weaponry? from the southern Lebanon bordering Israel before moving to other areas. It claimed to have extended its operational control over the southern areas, except those still occupied with Israeli troops. The statement did not mention the Lebanese Hezbollah armed group, which fought an...

Aidarous al Zubiaidi, leader of Yemen's Southern Transitional Council, did not board the plane that was supposed to take him to Riyadh and instead fled to an unknown destination. The Saudi-backed coalition said this on Wednesday. The remarks were made amid efforts to stop fighting between the STC - backed by United Arab Emirates - and Yemen's internationally recognised Saudi government. This has caused a major dispute between the Gulf allies. Zubaidi had planned to visit Saudi Arabia just days after the Yemeni government claimed it asked Riyadh for a forum to discuss southern issues. Turki Al-Maliki, spokesperson for the...

Israeli Foreign Minister Gideon Saar, met with the President of Somaliland Tuesday. This was 10 days after Israel officially recognised the breakaway region of?the Horn of Africa' as a sovereign and independent state. Somalia has protested the move, saying that it is a threat to its sovereignty. A Somaliland source and regional diplomat have said other countries are preparing to follow their lead and'recognise Somaliland. U.S. U.S. Why is the location of Somaliland strategic? Somaliland is located at the intersection of the Indian Ocean, Red Sea and the Arabian Sea. Its Berbera Port provides access to the busiest shipping routes...

Oil analysts say that the?crude production?in Venezuela will increase in time, following a 'dramatic U.S. attack and the capture of its President. This is likely to raise?global supplies?and weigh on prices long-term. American forces captured Venezuelan President Nicolas Maduro in Caracas on the weekend. U.S. president Donald Trump announced that Washington would seize control of the oil producing nation, and that the U.S. oil embargo remained fully effective. According to the London-based Energy Institute, the Organization?of Petroleum Exporting countries (OPEC) member has about 17% global oil reserves or 303 billion barils, ahead of OPEC leader Saudi Arabia. Venezuela produced a...

The price of oil rose a little on Friday, after the U.S. increased economic pressure on 'Venezuelan crude oil exports and conducted airstrikes on Islamic State militants in northwest Nigeria on the request of 'Abuja. Brent crude futures increased by 6 cents or 0.1% to $62.30 a barrel at 0456 GMT. U.S. West Texas Intermediate crude (WTI), also at $58.41, was up 6 cents. Venezuela and Nigeria both produce a lot of oil. Nigeria's oilfields, which are located mainly in the south of the nation, were also affected by the airstrikes. The White House has ordered its military to concentrate...

The oil prices were unchanged on Friday, with Brent and U.S. West Texas Intermediate only moving a few cents compared to their closing prices. Brent fell 3 cents or 0.05% to $63.73 a barrel while U.S. West Texas Intermediate rose 4 cents or 0.07% to $59.22 a barrel at 0223 GMT. Brent and WTI both reached multi-month highs after protests in Iran and the U.S. flared up this week. President Donald Trump also signaled the possibility of strikes against the nation. On?Thursday night, Trump stated that the crackdown by Tehran on protesters had slowed, easing fears of a possible military...

Donald Trump, the U.S. president, said on Monday that any country doing business with Iran will be subject to a 25% tariff when it comes to trade with the U.S. According to the latest data from the World Bank, Iran, a?member? of the OPEC oil producing group, exported its products to 147 trading partner in 2022. Fuel is Iran's largest export item in terms of value. Major imports include intermediate products, vegetables, machinery, and equipment. China is Iran's biggest trading partner. According to the World Bank, Iranian exports to China in 2022 will total $22 billion, with fuels making up...

On 'Friday, oil prices rose for the second consecutive day, resulting in their third weekly increase, due to uncertainty over future supply from Venezuela and Iranian unrest. Brent futures gained 40 cents or 0.7% to $62.39 a barrel at 0400 GMT. U.S. West Texas Intermediate crude (WTI), however, rose 35 cents or 0.6% to $58.11. Brent will rise 2.7% this week while WTI is up 1.4%. "Bottlenecks of the flow of sanctioned barley and steady demand signals seem to counter the backdrop for an oversupplied in 2026 at least for now," said Priyanka Sahdeva, Senior market analyst at Phillip Nova....

Oil prices rose slightly on Thursday after two days of declines. A larger-than expected drawdown in U.S. crude stocks provided an impetus for investors to purchase futures as they monitored developments in Venezuela. Brent crude futures rose 38 cents or 0.6% to $60.34 per barrel at 0104 GMT, while U.S. West Texas Intermediate Crude was up 37 cents or 0.7%, and $56.36 per barrel. Morgan Stanley analysts, for example, estimate that there will be a global surplus of up to 3 million barrels a day in the first half 2026. Mitsuru Muraishi is an analyst with Fujitomi Securities. Pullback buying...

The oil prices rose on the first trading day in 2026, after they had suffered their worst annual decline since 2020 last year. This was due to Ukrainian 'drones' targeting Russian oil installations and a U.S. blockade that impacted Venezuelan exports. Brent crude futures rose 14 cents to $60.99 per barrel on Friday by 1:46 GMT. U.S. West Texas intermediate crude crude was up 14 cents at $57.56 per barrel. Russia and Ukraine traded accusations of attacks on civilians New Year's Day, despite intensive talks overseen?by U.S. president?Donald Trump aimed at ending the nearly four-year old?war. In recent months, Kyiv...

Indian Oil Corp bought its first Colombian crude oil as part of an 'optional supply agreement' with state oil company Ecopetrol. This was done to diversify away from Russian oil. Indian refiners have been searching for crude oil as the tighter sanctions imposed by the U.S. on Russian oil producers and vessels and those of the European Union are causing a disruption in Russian imports. India's Russian oil imports will plunge to a 3-year low of 1.2 million barrels per day in December. This is down from 1.84million bpd during November, according to Kpler, a ship tracking company. Sources said...

Bahrain announced several fiscal measures on Monday. These included raising fuel prices, increasing tariffs on water and electricity, and increasing dividends from government-owned companies, as well as other fees and tax. Bahrain, one of the Gulf's smaller producers of oil, has increased its efforts to diversify away from hydrocarbons and into other areas, such as tourism and financial services. However, lower?oil price have had a negative impact on public finances and growth. Bahrain plans to?raise natural gas prices and reduce administrative government expenditure by 20%. It will also introduce a new corporate income tax law for local companies. The statement...

The price of oil rose on Friday, after the U.S. increased pressure on Venezuelan oil exports and carried out airstrikes in Nigeria's northwest against Islamic State militants at the government's request. Brent crude futures rose 24 cents (0.4%) to $62.48 per barrel by 0114 GMT. U.S. West Texas Intermediate crude (WTI), also up 0.4% at $58.58, was up by 23 cents. Venezuela and Nigeria both produce a lot of oil. Nigeria's oilfields are primarily located in the southern part of the country. The airstrikes increased the geopolitical risk. The White House has directed U.S. forces to concentrate?on an "quarantine", of...

The oil prices were stable on Wednesday after they had risen in the five previous sessions. This was due to the robust economic growth of the United States and the threat of disruptions in supply from Venezuela and Russia. Brent crude futures fell 1 cent, to $62.37 per barrel at 0326 GMT. U.S. West Texas intermediate crude rose 1 cent, to $58.39. The two contracts have increased by about 6% each since the 16th of December, when they plummeted to levels not far from five-year lows. "What 'we've seen in the past week was a combination position squaring on thin...

The oil prices fell on Friday, and are expected to fall for the second consecutive week as rising prospects of a Russia/Ukraine deal counteract concerns about supply disruptions due to a Venezuelan blockade. Brent?crude?futures fell 9 cents or 0.2% to $59.73 a bar by 0456 GMT. U.S. West Texas intermediate crude traded 13 cents or 0.2% lower at $56.02 a bar. Brent fell 2.3% on a weekly basis while WTI?was down by 2.5%. Donald Trump, the U.S. president, said on Thursday that he believed talks to end?the conflict in Ukraine were "getting closer to something". This is ahead of an...

QatarEnergy lowered the term premium on the?al-Shaheen oil loading for February, according to several 'trade sources'. This was due to the weakness of the spot benchmark premiums. The company, which is owned by the state, set February's prices at 53 cents per barrel over Dubai's quotes. This was down from 84 cents in January. Loading of January cargoes The price reduction?followed the decline in spot premiums of Middle East crude oil so far in this month. This was weighed down by abundant supplies on the?market, and an outlook for a surplus in 2026. QatarEnergy has sold five cargoes to Glencore,...

Three people with knowledge of the matter claim that Saudi Arabia's?Midad Energy?is one of the top contenders for the international assets of Russian?oil giant?Lukoil, taking advantage deep political ties between Moscow and Washington. Sources have confirmed that the assets, which are valued at around $22 billion, include oilfields, refineries, and thousands of fuel station worldwide. About a dozen investors have made bids for these assets, including U.S. major oil companies Exxon Mobil, Chevron, and private equity firm Carlyle. Lukoil wants to sell off its foreign operations, which were crippled by the U.S. sanctions that were imposed on October to pressure...